Marketing MKT 3300 Exam 2 Study Guide and Practice
Questions
product - correct answer ✔✔ a good, service, or idea consisting of a bundle of tangible and
intangible attributes that satisfies customers
classification of goods by durability - correct answer ✔✔ nondurable and durable goods
nondurable goods - correct answer ✔✔ consumed in one or few uses, inexpensive, purchased
frequently
durable goods - correct answer ✔✔ usually last over many uses, costs more
what are the two types of products - correct answer ✔✔ consumer and business products
types of consumer products - correct answer ✔✔ convenience, shopping, specialty, and
unsought products
types of business products - correct answer ✔✔ components and support products
what are convenience products - correct answer ✔✔ purchased frequently, conveniently,
minimum shopping effort, wide distribution, relatively inexpensive ie. toothpaste, candy, bread
what are shopping products - correct answer ✔✔ consumers compare several alternatives on
price, quality, style, etc. more selective distribution. ie. cameras, TVs
what are specialty products - correct answer ✔✔ consumer makes a special effort to search and
buy. very limited distribution. ie. luxury cars, designer bags
, what are unsought products - correct answer ✔✔ items that are not known about or not
wanted initially. very infrequent purchase, no immediate benefit, some comparison shopping,
awareness is essential, very new products, price varies. ie. burial insurances
product item - correct answer ✔✔ a specific product that has a unique brand, size, or price
product line - correct answer ✔✔ a group of product items that are closely related because:
they satisfy a class of needs, are used together, are sold to the same customer group, are
distributed through the same outlets, or fall within a given price range
product mix - correct answer ✔✔ consists of ALL PRODUCT LINES offered by an organization
product line extension - correct answer ✔✔ an incremental improvement of an existing product
line; least risk, ie. adding a new cat-food to the existing cat-food product line
brand extension - correct answer ✔✔ using existing brand name to introduce a new product
into an unfamiliar market; more risky
true innovation, a radical invention - correct answer ✔✔ significant jump into innovation and
technology; jump from "regular" cell phones to "smart" phones
what is the new product development process - correct answer ✔✔ 1. new-product strategy
development
2.idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
Questions
product - correct answer ✔✔ a good, service, or idea consisting of a bundle of tangible and
intangible attributes that satisfies customers
classification of goods by durability - correct answer ✔✔ nondurable and durable goods
nondurable goods - correct answer ✔✔ consumed in one or few uses, inexpensive, purchased
frequently
durable goods - correct answer ✔✔ usually last over many uses, costs more
what are the two types of products - correct answer ✔✔ consumer and business products
types of consumer products - correct answer ✔✔ convenience, shopping, specialty, and
unsought products
types of business products - correct answer ✔✔ components and support products
what are convenience products - correct answer ✔✔ purchased frequently, conveniently,
minimum shopping effort, wide distribution, relatively inexpensive ie. toothpaste, candy, bread
what are shopping products - correct answer ✔✔ consumers compare several alternatives on
price, quality, style, etc. more selective distribution. ie. cameras, TVs
what are specialty products - correct answer ✔✔ consumer makes a special effort to search and
buy. very limited distribution. ie. luxury cars, designer bags
, what are unsought products - correct answer ✔✔ items that are not known about or not
wanted initially. very infrequent purchase, no immediate benefit, some comparison shopping,
awareness is essential, very new products, price varies. ie. burial insurances
product item - correct answer ✔✔ a specific product that has a unique brand, size, or price
product line - correct answer ✔✔ a group of product items that are closely related because:
they satisfy a class of needs, are used together, are sold to the same customer group, are
distributed through the same outlets, or fall within a given price range
product mix - correct answer ✔✔ consists of ALL PRODUCT LINES offered by an organization
product line extension - correct answer ✔✔ an incremental improvement of an existing product
line; least risk, ie. adding a new cat-food to the existing cat-food product line
brand extension - correct answer ✔✔ using existing brand name to introduce a new product
into an unfamiliar market; more risky
true innovation, a radical invention - correct answer ✔✔ significant jump into innovation and
technology; jump from "regular" cell phones to "smart" phones
what is the new product development process - correct answer ✔✔ 1. new-product strategy
development
2.idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
